Gazprom ready to meet growing gas demand in Europe, says deputy CEO

Gazprom has said its prepared for the increase in demand for gas across Europe.

The state-controlled Russian energy giant's Deputy Chief Executive Alexander Medvedev has been quoted this week saying that the company is ready to meet the continent's ongoing requirements over the next eight years. 

Gas supplies to the United Kingdom were reduced by 6.8% to 8.7bn cubin metres in the first half of 2017, but Medvedev believes that demand will go up once again.

See also:

• 11 things you should know about Gazprom’s TurkStream gas pipeline
• SMEs set to contribute £241bn to the British economy by 2025
• October's issue of the Business Review Europe magazine - OUT NOW!

"My estimate is that the United Kingdom will need extra import of gas from 8 to 12bn cubic meters by 2025, if not earlier," he said.

"It stands to reason that we are already holding consultations, particularly with companies from the United Kingdom, regarding the ways to satisfy this demand. We will provide as much gas to Europe as needed."

In other news, Gazprom's oil arm, Gazprom Neft, has discovered a new oil-field off the coast of Sakhalin with an estimated 250mn tonnes of resources.